A source confirmed Webster agreed to take a pay cut in the final year of his contract. NFL Network first reported that Webster's base salary will go from the $7 million he was scheduled to earn to a new base of $4 million.
Baas also had his base salary of $4.25 million restructured to $1.25 million for this season according to the NFL Players Association website. The Giants now reportedly have $8-to-$9 million in cap space.
They still might do more cap maneuvering before free agents are allowed to officially sign on Tuesday.
Even though Webster struggled in 2012, the Giants' ability to keep Webster at a more reasonable number is important. They need Webster with little depth and experience on the roster at corner after Prince Amukamara and Jayron Hosley.
The Giants are hoping Webster will have a bounce-back season in what will be a contract year. But they still need more cornerbacks for depth and experience. ESPN's Josina Anderson reported the Giants are one of four teams that are interested in former Packers safety Charles Woodson, who could certainly provide experience and depth as an extra safety/defensive back. But the Giants would likely only want a short-term deal with a veteran like Woodson.
Clearing cap space will help the Giants tender restricted free agents like Victor Cruz, Andre Brown and Stevie Brown. They also hope to re-sign some of their free agents like Kevin Boothe and Martellus Bennett.
Reese may have some more restructuring and cap maneuvering to do since he would like to extend Cruz's contract and Hakeem Nicks' deal, which is entering its final year.
Trattou re-signs: The Giants re-signed exclusive rights free agent Justin Trattou. The Giants like the young backup defensive end, who missed all of last season with an ankle injury.